In the Daily: Binance Trading Competition, Bitdeer BCH Mining Plan, Voyager Merges Ethos

In this edition of The Daily we cover a trading competition and giveaway promoting Binance’s new platform, new mining plans from Bitdeer and the merger of cryptocurrency wallet startup Ethos by the digital assets brokerage Voyager.

Also Read: Top Business School in India to Offer Advanced Blockchain Program

Binance DEX Trading Competition

Popular crypto trading platform Binance has announced that to increase awareness of its upcoming decentralized exchange (DEX) within the community, it will sponsor a simulated trading competition on its DEX testnet.

All users who hold at least 1 BNB token in their Binance account will be eligible to participate in this simulated trading competition. Each account is able to register a maximum of 20 addresses and will receive 200 virtual testnet BNB tokens to each address to use as their starting funds before the trading competition begins. It will officially start on March 7 and last until the 21st, with rewards promised to be issued within two weeks after the competition ends.

Bitdeer Launches BCH Mining Plan

Computing power-sharing platform Bitdeer has announced it is now supporting mining for bitcoin cash (BCH) as well as litecoin (LTC) and ethereum (ETH) in response to client demands, giving its users a variety of options to utilize their rented hashing power. The company explained that it added support for these cryptocurrencies as they have remained relatively stable among the leading coins, showing their popularity with the crypto community.

The platform claims to have secured partnerships with some of the largest mining pools in the world including BTC.com, Ant Pool, Dpool, and Viabtc. Users of Bitdeer can choose to be connected to one of the supported pools while switching between different duration plans (short, mid, and long-term), miner hardware models, and coins (BTC, BCH, LTC, and ETH).

Voyager Merges Ethos

Digital assets brokerage Voyager has revealed it will be merging with Ethos, a cryptocurrency universal wallet and service provider. The wallet software will be integrated into Voyager’s retail and institutional businesses, allowing its customers to self-custody their crypto assets with a brokerage solution for efficient trading.

Shingo Lavine, founder and current CEO of Ethos, will be joining Voyager as chief blockchain officer and will also maintain a seat on Voyager’s board of directors. The deal will reportedly cost the brokerage 7 million of its common shares, worth about US$4 million. The company started trading its shares on the Toronto Ventures Exchange through a reverse takeover earlier this year.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

Published at Sun, 03 Mar 2019 12:19:19 +0000

May 29, 2017

China’s Biggest Exchanges to Add Ethereum, Other Altcoins as Demand Surges

As altcoins continue to gain popularity throughout the world, bitcoin exchanges in China are also getting in on the action and listing alternative cryptocurrencies.

Huobi to Support Altcoins

As the moratorium on cryptocurrency withdrawals is expected to soon end in China, exchanges in the country seem to be turning their attention to alternative cryptocurrencies. Two days ago, one of the big three exchanges in China, Huobi, announced it will launch Ethereum trading on May 31.

The announcement reads:

We are excited to announce the CNY/ETH will be listed on our exchanges. Trading will start at 12:00 May 31st (GMT +8). ETH deposit and withdrawal is available from now on.

Today, Huobi released a list of altcoins that are to be added in the future according to the rank of the coin in said list. According to Huboi’s underlying model, Ethereum, Litecoin and Ripple are the highest ranking coins following bitcoin, followed by Dash, Zcash and Dogecoin.

Online news service cnLedger tweeted:

Huobi released its coin ranking list and underlying model. They'll list new coins according to the ranking in futurehttps://t.co/9aoJFvQbLA pic.twitter.com/fG3x8QSZzd

— cnLedger (@cnLedger) May 29, 2017

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The list was ranked using a model created by Huobi which factors in the coin’s strategy, marketing, activity, risk and technology to calculate the relevance of the coin.

The list and underlying model can be seen in Huobi’s official announcement.

BTCC to Get In On the Action as Well

Huobi isn’t the only bitcoin exchange in China that is to list alternative cryptocurrencies.

After a two-week poll, in which over 190k votes by the cryptocurrency community were counted, Ethereum Classic will be listed in the BTCC exchange. Bobby Lee, CEO of BTCC tweeted:

@YourBTCC After 2+ wks, 3 rounds, 190K+ votes, we now have a WINNER in the Battle of Digital Currencies:#EthereumClassic@YourBTCC will list $ETC!

— Bobby Lee (@bobbyclee) May 27, 2017

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Although the exchanges employed a completely different method in which Huobi used a model to rank cryptocurrencies and BTCC used a community poll, both exchanges are interested in opening the doors for the Chinese community to invest in alternative cryptocurrencies.

Huobi and BTCC, however, are not the first exchanges in the country to list alternative cryptocurrencies. The China-based Yunbi exchange allows users to buy and sell cryptocurrencies like Etherem, Ethereum Classic, Zcash, QTUM, Bitshares, and others. BTC38 also offers a multitude of cryptocurrencies to be bought and sold for CNY. Lastly, CHBTC also lists Ethereum, Ethereum Classic, and Litecoin.

Crypto in Asia

Although less-known exchanges in the country offer altcoin trading, most Chinese users are only familiar with bitcoin and Litecoin, given that most cryptocurrency investors use one of the big three exchanges in the country, BTCC, OKCoin and Huobi.

China plays a big part in the bitcoin world, ranking in the top 3 countries by daily trading volume but other countries in the continent are becoming increasingly interested in cryptocurrencies and it’s not just bitcoin and Litecoin.

Take Japan, for example, where the recent Bitcoin law has created an accentuated demand for cryptocurrencies, making the JPY the biggest Bitcoin pair in the world by trading volume and that’s not all. Other cryptocurrencies are also gaining traction in the country.

Co-Founder of IndieSquare and Community Director at the Counterparty Foundation, stated in a recent blog post:

First, one of the unique characteristics of the Japanese crypto space is that altcoins are very popular as a means of investment and some of them have very strong and dedicated communities; some even more active than the bitcoin community itself in a way. Among them, two of the most popular altcoins in Japan are XRP(Ripple) and XEM(NEM).

In South Korea, Ethereum and Ethereum Classic are also extremely popular, even more so than bitcoin whose daily trading volume is smaller than that of ETH or ETC.

With China adhering to the altcoin craze, could Asia become the capital for alternative cryptocurrencies?

Images courtesy of Shutterstock.com, Twitter

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